Private equity firm Verdane has invested SEK 150 million (£12.8 million) in Swedish big data and Artificial Intelligence business Inovia.
Inovia provides Artificial Intelligence (AI) consulting and solutions in Sweden. The business has developed a set of AI tools and frameworks including an AI based virtual assistant and a Voice to Text application for Swedish.
With Verdane’s investment, Inovia plans to accelerate the development and commercialisation of AI products and solutions and position the company for expansion to other Nordic countries.
The global AI market is growing by 50% yearly and is expected to reach £1.2 billion in 2018.
Andreas Rosenqvist, CEO and co-founder of Inovia, said: “We have experienced an increasing interest in our services, solutions and products as more and more companies realise the opportunities with AI. Whether it’s automating customer service, improving health care decisions or improving compliance requirements, AI can effectively make many businesses much more productive. With Verdane as a partner and by leveraging their experience from building fast-growing technology companies, we plan to accelerate our expansion.”
Jakob Tolleryd, partner at Verdane, added: “We have been impressed by the products and solutions developed by Inovia and with the specific business value that they are delivering with AI to Swedish companies and governmental organisations. We believe AI will affect all industries and businesses and we are excited to start working with the highly competent and experienced Inovia team.”